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Dáil Éireann Vol. 937 Wednesday, No. 1 1 February 2017 DÍOSPÓIREACHTAÍ PARLAIMINTE PARLIAMENTARY DEBATES DÁIL ÉIREANN TUAIRISC OIFIGIÚIL—Neamhcheartaithe (OFFICIAL REPORT—Unrevised) 1/02/2017A00100Establishment of a Commission of Inquiry into the National Asset Management Agency: Statements � � � � � � � � 2 01/02/2017N00200Leaders’ Questions � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 28 01/02/2017Q00500Questions on Promised Legislation � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 37 01/02/2017T01000Sentencing Council Bill 2017: First Stage � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 44 01/02/2017T01700Electricity (Supply) (Amendment) Bill 2017: First Stage � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 45 01/02/2017U00800Topical Issue Matters � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 46 01/02/2017U00925Ceisteanna - 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Prayer. 01/02/2017A00100Establishment of a Commission of Inquiry into the National Asset Management Agency: Statements 01/02/2017A00200Minister for Finance (Deputy Michael Noonan): I welcome the opportunity to speak again on this matter� In September last year the Comptroller and Auditor General published a value for money report on the Project Eagle sales process. As we know, while some findings were accepted, there were clear differences of opinion on a number of findings in the report. Since its publication, the Committee of Public Accounts which is chaired by Deputy Sean Fleming has held numerous public sessions over a number of months to discuss the report� A large number of parties have assisted the committee with this work, including senior members of the National Asset Management Agency, in particular its executive team; past and current board members of NAMA; Lazard which was NAMA’s financial adviser; Cerberus which was the purchaser of the portfolio; me, as Minister for Finance, and officials from my Department; the former Northern Ireland deputy First Minister; the Comptroller and Auditor General and his officials. The committee also received extensive documentation on the transaction from the National Asset Management Agency and other parties, including the Department of Finance� The National Asset Management Agency has appeared before the Committee of Public Accounts to answer questions relating to Project Eagle on eight separate occasions� NAMA estimates that it has responded to almost 2,000 oral questions during these appearances and provided the committee with written responses to an additional 100 questions� We have also witnessed a similar extensive examination of aspects of the transaction by the Northern Ireland Assembly involving significant amounts of documentary evidence and witness testimony. All this evidence - hundreds of hours of witness testimony and thousands of pages of documentary evidence - is publicly available on the Internet to anyone who is interested� I would encourage those considering a commission of investigation into NAMA’s activities to study this evidence, if they have not already done so� NAMA has answered every question put to it by the Comp- troller and Auditor General and the Committee of Public Accounts� I acknowledge that there are differences of opinion but there are also findings on which we all agree. The Committee of Public Accounts will soon publish its findings and I look forward to reading that report. While 2 1 February 2017 I will await the committee’s report, based on the evidence I also accept that the parties involved are entitled to hold differing opinions on matters of commercial judgment and that this does not imply wrongdoing by any party. Today, I do not believe that sufficient grounds have been established on which to progress a commission of investigation without first taking the views of the Committee of Public Accounts into account� I would like to comment on ongoing criminal investigations� It has been suggested by some that arrests associated with the UK NCA investigation imply wrongdoing on the part of NAMA� On the contrary, NAMA advise that the UK NCA has confirmed that no aspect of the agency’s activities are under investigation� Deputy Wallace has stated previously that he has brought im- portant information to the attention of the Garda Síochána� We should commend him for doing so if he believes such action is warranted� Anyone who believes he or she has such information should bring it to the Garda Síochána and allow it to assess and, if necessary, investigate it� After all, it is the role of the Garda to determine if there are grounds for a criminal investigation in this State� As far as I am aware no such an investigation is being pursued by the Garda� I am also aware that the US Securities and Exchange Commission and the FBI have examined elements of the transaction� Should those agencies wish to engage with NAMA, NAMA has made it clear that it is more than willing to do so� I want it to be clear that the allegations of wrongdoing that have been made against particular individuals, and that
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